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Asset Performance Management Market by Component (Solutions and Services), Deployment Mode (Cloud and On-Premises), Organization Size (Large Enterprise and Small & Medium Enterprises), and Industry Vertical (Food & Beverages, IT & Telecom, Government & Defense, Healthcare & Life Sciences, Mining & Metals, Oils & Gas, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

A07459
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Oct 2020 | 54 Views
 
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Asset Performance Management Market Statistics

To stay competitive in present industrial markets, businesses are opting for an operation-centric view where predictive and proactive maintenance opportunities enable front-line personnel to perform before costly failures occur. With asset performance management (APM) solutions, employees can exceed reliability, safety, and performance goals through data collection and analysis combined with actions and optimization for proactive maintenance execution. APM improves enterprise asset management (EAM) by delivering insights at the point of action to reduce unplanned repair work, increase asset availability, reduce equipment failure, and extend asset life without any unnecessary costs. As a result, employees are well-equipped with maintenance authorization required before equipment failure occurs, operations and maintenance costs are reduced, and overall maintenance and operations strategy supports important business objectives.

 

Asset-Performance-Management

Market scope and structure analysis:

               Report Metric

                                          Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

Component, Deployment Mode, Organization Size, Industry Vertical, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of LATAM) and Middle East and Africa

  Companies covered

Major players analyzed include Aspen Technology, AVEVA Group PLC, Bentley Systems, Detechtion Technologies, IBM Corporation, Operational Sustainability LLC, Rockwell Automation, SAP SE, SAS Institute Inc., and Uptake Technologies Inc.,

 

COVID-19 Scenario Analysis: 

  • Apparel & Textile industry is expected to get hit adversely, owing to disruption in labor supply, raw material unavailability, working capital constraints, and restricted demand attributed to limited movement of people and purchasing ability.
  • The automobile sector is expected to continue to face challenges on account of lack of demand, global recession, and falling income levels.
  • Tourism is one of the sectors, which has the highest probability of going under shutdown without direct government intervention. In the next 12 months, it is unlikely that people would travel for leisure apart from very essential travel.
  • Shipping and non-food Retail –nonfood retail chains and global shipping businesses are anticipated to find 2020 very challenging.
  • Building and construction businesses are generally leveraged, hence are expected to face dual challenges of high-interest payments and lack of sales.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increase in adoption of cloud-based applications, need to maximize economic return on assets, and rise in need for risk-based maintenance among various industry verticals are major factors expected to drive growth of the market. However, lack of awareness associated with cyber security and dearth of industry expertise are factors that hinder growth of the market. Contrarily, emerging positive impact of Industry 4.0 and IIoT, coupled with enhancements in APM through analytics are major opportunistic factors for the growth of the global market.

Rise in adoption of cloud-based applications

Instead of continuing to invest in outdated on-premise systems, businesses are focusing toward Software as a Service (SaaS) and cloud-enabled asset management software. This is attributed to the need for flexible and responsive asset management cloud applications that are comparatively easy to configure, implement, and update. Thus, rise in demand for cloud-based asset management applications increases, owing to its capacity to access and analyze massive amounts of data in real time. For EAM software, data management solutions are efficient asset management in asset intensive environments. Furthermore, businesses are expecting more from their EAM solutions as SaaS and cloud-enabled EAM systems are most up-to-date and innovative systems. 

SaaS and cloud enabled EAM systems enable businesses to efficiently manage assets in most sophisticated environments without large investments into their technology infrastructure as they are extremely adaptive to accelerated levels of change. SaaS and cloud-enabled systems are adaptive to dynamic regulatory and reporting environments, thus SaaS and cloud-enabled asset-intensive EAM applications are extremely important as a technology vendor guide for asset management experts and IT consumers.

Lack of awareness associated with cyber security

Data security concerns with cloud computing platforms have increased significantly as application data is gathered outside business premises. In addition, concerns associated with data security and privacy safety of cloud-based applications also encourage companies to opt for on-premises asset performance management systems. Rise in inclination of end users toward cloud-based systems and popularity of cloud-based systems are expected to further support the market growth. On the other hand, loss of private data could cost millions of dollars of legal liability to a company. Data asset cybersecurity is a set of processes that have an inventory of data getting stored and ease of access at all times. When a cyber breach occurs, an effective asset management software allow organizations to understand the extent of damage to minimize company losses.

Key segments covered:

                      Segments

                                                             Subsegment

  Component

  • Solutions
  • Services

  Deployment Mode

  • Cloud
  • On-Premises

  Organization Size

  • Large Enterprise
  • Small & Medium Enterprises

  Industry Vertical

  • Food & Beverages
  • IT & Telecom
  • Government & Defense
  • Healthcare & Life Sciences
  • Mining & Metals
  • Oil & Gas
  • Energy & Utilities
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global asset performance management industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the  market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market. 

 

 
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